HUD Secretary Henry Cisneros Modifications to Deregulate Lending in '93 and '94"Henry Cisneros on the hot seat...he blamed the national housing and mortgage crisis on a variety of villains...The trouble is Cisneros failed to include his own name as one of the masterminds of predatory lending practices under his direction at HUD. A predatory lending scheme that many experts predict could eventually lead to the worst recession to hit this county, and possibly the entire financial world...which ultimately compensated him generously... after leaving HUD Cisneros became a KB Home board member as well as a Countrywide board member. He created American City Vista, an affordable housing joint venture with KB Home, as KB Home began construction on the disastrous Mirasol project that cost taxpayers millions, of which $5M is still missing. See Express-News article: Henry Cisneros on the hot seat Plus Related articles...HUD's Broken System

The Express-News Sunday feature, Henry Cisneros on the hot seat by Jennifer Hiller reported that Cisneros spoke to a group of 750 local building and real estate professionals andblamed the national housing and mortgage crisis on a variety of villains.

According to the article he blamed the national housing and mortgage crisis on mortgage brokers, appraisers who inflated home values, investors... The trouble is Cisneros failed to include his own name as one of the masterminds of predatory lending practices under his direction at HUD. A predatory lending scheme that many experts predict could eventually lead to the worst recession to hit this county, and possibly the entire financial world.

Cisneros can hardly claim innocence in the massive predatory lending scandal that was devised in the 90s and implemented by the building industry (NAHB) through changes he orchestrated at HUD, which ultimately compensated him generously.

Cisneros made significant HUD policy changes in 93 and 94 that were to become the foundation for the homebuilding industrys massive predatory lending, which created a home buying frenzy that led to artificial inflation in communities in a sham market. If a person had a pulse, builders had a loan for them and a house was thrown up in a few days.

A little history

On January 7, 1993 HUD issued Mortgagee Letter 93-2,Mandatory Direct Endorsement Processing gave authority to the Homebuilder owned lenders like KB Mortgage and affiliate lenders like Countrywide independence to approve their own loans. Without oversight of the industry by HUD, loan approval for single family direct endorsement, Cisneros officially put the foxes in charge of the henhouse.

Then on November 7, 1994 HUD Secretary Henry Cisneros approvedMortgagee Letter 94-54that allowed lenders to select their own appraisers. As stated: The Department (HUD) will rely upon lenders to assure that only knowledgeable appraisers are chosen to perform HUD appraisals and will rely on the integrity of each individual appraiser.

As Secretary of HUD Cisneros also approved the infamous KB Home Mirasol, HOPE VI project that was to become one of the biggest HUD homeownership scandals ever perpetrated on those who could least afford it.Then after leaving HUD Cisneros became a KB Home board member as well as a Countrywide board member. He created American City Vista, an affordable housing joint venture with KB Home, as KB Home began construction on the disastrous Mirasol project that cost taxpayers millions, of which $5M is still missing.

Whenever there is a federal program for those in need you can be sure that big business will find ways to make a fortune on the disadvantaged and middle class taxpayers.

The film falls into the trap of viewing clicks as exotic or savage when it fails to subtitle a nigerian gangster‚źôs click-filled utterance. But african languages, development and the state by fardon and furniss mentions that click or khoisan language groupings are the only african groupings not represented in a country with 500 spoken languages. Checking through the source ethnologue lists for nigeria and south africa. I find no language in common that uses clicks. I stand to be corrected on this, but that actor was speaking a non-nigerian language.